Zcashis a digital currency, or “cryptocurrency,” like Bitcoin. It is not real money. In fact, Zcash was built on top of the Bitcoin codebase.
If you want to use Zcashto buy things or services, you can use it to pay for them quickly and securely. You can also exchange it for other money, like US dollars, Euros, or another fiat currency.
People who use most cryptocurrencies don’t have to go through a big, central bank to make money. Instead, they use a decentralized, public blockchain to keep track of and manage all of their money. This means that you own your money.
Most cryptocurrencies let everyone see your full transaction history and how much money you have, but transactions in Zcashthat are “shielded” are completely private.
Zcash transactions are posted to a public blockchain like Bitcoin’s. But unlike Bitcoin, Zcash allows you to make private transactions and keep your money private through “shielded addresses.” Zero-knowledge proofs allow transactions to be checked without revealing the sender, receiver, or amount of the money. For example, Zcash has “selective disclosure” features that allow users to share some transaction information for compliance or auditing reasons, but not all of it.
As with most cryptocurrencies, Zcash needs people to help add transactions to the blockchain. While all nodes in the Zcash network help to make sure that transactions are safe, the miners do most of the work to keep the network safe.
Mining Zcash could be a good way to make money with your GPU. Need an Nvidia GPU and you’re set.
Unlike Bitcoin, Zcash doesn’t work with the special mining hardware (ASICs) that were made for Bitcoin mining. Equihashis a different hashing algorithm that Zcash doesn’t work with. Equihashis made to stop the development of ASICs that can mine Zcash. Instead, it was made to be best for GPU mining.
This is another way that Zcash is different from Bitcoin. It has a built-in privacy protocol called zk-SNARKS, which is meant to make it the most popular privacy-based crypto in the market (competing with other privacy coins such as Dash and Monero).
When it comes to block times, Zcash has a 1.25-minute block time compared to Bitcoin’s 10-minute blocks, and it gives out 6.25 coins for each block solved.
Reasons to mine Zcash
Zcash can be bought and sold for bitcoins (BTC) very easily, so it can be a cheap way to build up a small amount of Bitcoin over time.
A good way to fill up your bank account or earn money by mining ZECis to exchange BTC for cash. ZECcan also be bought and sold directly on some of the biggest exchanges, like the New York Stock Exchange.
It’s possible to get into the Zcash markets for very little money by mining. These markets are popular with traders because they are very volatile, which makes them exciting to watch. If you’re a good or lucky trader, you can make the most money.
ZEC has been one of the most expensive altcoins on the market ever since it came out. In June 2017, it reached a high of more than $400 on the market.
There are many ways to pay for a new high-end GPU (or two, or three). One way is to mine.
It may also be easier to build up a large ZEC position through mining now than it would be to just buy ZEC and hope it goes up in price.